With the majority of assets in the cryptocurrency sector slowing down and reversing their gains from the previous several weeks, things do not look very optimistic for Cardano (ADA) in the short term, but artificial intelligence (AI) algorithms remain bullish regarding its price trends in 2024.
As it happens, Cardano is currently recording losses on multiple charts, although it has managed to increase its price from the year’s turn and defeat Avalanche (AVAX) in the battle for the position of the eighth-largest crypto asset by market capitalization, and AI forecasting algorithms predict further improvement.
Cardano price prediction 1-year chart. Source: CoinCodex
At the same time, machine learning platform CoinPriceForecast offers a somewhat more bearish prognosis for Cardano, predicting it would hit $1.26 (+107.85%) by the end of 2024, with Cardano price prediction 2025 seeing it reach $1.64 by mid-year, and closing it at the amount of $1.71.
Meanwhile, the fourth model of the OpenAI invention ChatGPT, called GPT-4, has set the Cardano price prediction 2024 targets at “between the current level and the optimistic $8 prediction” (+1,219.65%), adding that its bullish prognosis relates to the strength of the market’s representative, Bitcoin (BTC):
“There’s a general ascendancy in the crypto market with Bitcoin showing significant growth. This positive sentiment in the broader market could potentially benefit ADA as well.”
In the meantime, Claude 3 Opus, the latest AI model by Anthropic, has offered its own Cardano price prediction, forecasting that ADA could hit the target between $1.50 and $3.00 (up to +394.87%) toward the end of this year, as it “could experience significant growth by the end of 2024.”
Cardano price today
As of its current situation, Cardano price today sits at $0.60622, suggesting a decline of 1.15% in the last 24 hours and a loss of 15.21% across the previous seven days, adding up to the monthly drop of 3.89%, as per the most recent chart dataon March 20.
Cardano price 30-day chart. Source: Finbold
It is also worth noting that crypto trading expert Ali Martinez recently observed that Cardano was mimicking its 2018-2021 pattern, which suggests a consolidation in the $0.55-$0.80 range, followed by a surge to $1.70, another period of further consolidation, and a breakout to $5.
Cardano price action analysis. Source: Ali Martinez
All things considered, this crypto asset looks ready to recover and increase its value by the end of this year, but the situation in this sector can sometimes change on a whim, which is why doing one’s own research and keeping up with Cardano news is important before investing a significant sum of money in it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
